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Taxation of financial arrangements paper
Published on 13 Mar 13 by NATIONAL DIVISION, THE TAX INSTITUTE
This paper provides a progress report on the TOFA rules in Div 230 of the Tax Act which have substantially reshaped the way that many taxpayers have to recognise financial transactions for tax purposes.
Topics covered include:
- TOFA overview
- where the law is at now and current TOFA issues
- ATO compliance activities – focus areas of ATO review
- risk management
- was TOFA a good idea and what can be done to improve it?
Author profiles
Tony FROST
Tony Frost FTIA has been a Director with the Sydney office of Greenwoods & Freehills since 2003. Tony has more than 20 years
experience in tax, with a focus on financial services and financial transactions. Tony has advised clients on a wide range of tax matters,
including innovative financial products, structured finance, mergers and acquisitions, cross-border dealings, transfer pricing, tax audits
and negotiations with the Australian Taxation Office.
Prior to joining the firm in 2003, Tony had been a Tax Partner for seven years with one of the major international accounting firms. Earlier in his career, Tony spent five years with Westpac Banking Corporation. He has over 20 years experience in tax and has advised clients on a wide range of issues, but with an emphasis on financial products and financial institutions. Tony has had significant involvement in the tax reform process via industry and professional bodies. In particular, Tony has written or coordinated many submissions over the last 18 years for the banking industry, including on the TOFA reforms. Tony lectures on the taxation of financial transactions in the Masters of Law course at the University of Sydney and is a regular speaker and writer on this subject for the Taxation Institute and other organisations.Current at 11 February 2009
Andrew Hirst
Andrew Hirst is a Senior Associate in the Sydney office of Greenwoods & Freehills Pty Limited. Andrew joined Greenwoods & Freehills Pty Limited in January 2004. He advises on a wide range of corporate and banking related tax issues with particular focus on international structures and financial transactions. Andrew has particular experience in the structuring of inbound and outbound investments, cross border transactions and general international tax issues. In particular, Andrew has advised on a range of transactions in the corporate and banking spheres including the structuring of offshore groups and investments, the raising and provision of capital across jurisdictions, stapling arrangements, securitisations and other tax-based financial transactions. Andrew advises a wide range of clients including banks, large corporations, stapled groups and listed property trusts. Prior to moving to Sydney and joining Greenwoods & Freehills, Andrew was a senior tax lawyer in a major London law firm. During his eight years in London, Andrew gained extensive experience in the structuring and implementation of large domestic and international transactions.Current at 23 August 2007
This was presented at The 28th National Convention .
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